Which of the Following Statements Is False

question 64

Multiple Choice

Which of the following statements is false?

• A) A contribution is recorded as revenue when the promise to give is unconditional.
• B) Fixed assets acquired with either unrestricted or restricted sources may ONLY be recorded initially as temporarily restricted and then reclassified in accordance with the depreciation schedule.
• C) Museum and other inexhaustible collections may or may not be capitalized and recorded in the accounts.
• D) If services are required for student aid (i.e. Graduate assistantships), the revenue account is shown at the gross amount, and an expense is charged.

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Definitions:

U.S.

A country located in North America, officially known as the United States of America, characterized by a federal republic form of government.

Specific Instructions

Detailed directions or orders given to guide someone in performing a particular task or procedure.

Résumé Distribution

The process of distributing a job seeker's resume to potential employers, often through various channels like job boards, recruiters, or professional networks.

Priority Mail

A postal service offering expedited delivery of mail at a higher cost, often used for urgent or important shipments.